Is This The New Meme Coin Mania?

Meme coins have arguably been the most prominent narrative of 2024. From the meteoric rise of dogwifhat (WIF) to countless celebrities launching their own coins (and the controversy surrounding them), the field has seen all the action

Since most of it happens on Solana due to its fast transaction processing times and relatively low fees, we are used to seeing most new releases happen there.

But is that about to change?

Are meme coins coming to TRON?

Data from the popular analytics resource Lookonchain revealed that a trader recently managed to make more than 100x profit, buying 6.87 million SUNDOG tokens for $650 and selling them for more than $68,000 just seven hours later .

The trader continues to hold another $76,000 worth of the meme coin.

We noticed that some traders have made trading 100x profit #MEMEcoins to the #TronNetwork!

Trader “TEP7…T1da” spent 5,000 $TRX($650) to buy 6.87 million $SUNDOG and sold 4.57 million for 522,840 $TRX($68,000), making 517,840 $TRX($67.3K) in just 7 hours, a 104x return!

He still has 2.29 million… pic.twitter.com/6kREFmtTCv

— Lookonchain (@lookonchain) August 16, 2024

Of course, it’s worth noting that it could also have been an insider or team member, but gains like this aren’t unheard of in the meme coin space, where valuations explode in a matter of hours.

Increased TRON network activity

Recent data from IntoTheBlock also revealed that network activity on TRON is increasing.

Last week, the TRON network reached a new annual high, recording 7.99 million daily transactions.

The TronDAO network currently maintains an impressive average of over 7 million transactions per day.

Last week, the TRON network reached a new annual high, recording 7.99 million daily transactions.

Currently, the @trondao The network maintains an impressive average of over 7 million transactions per day. pic.twitter.com/cmJkHFoq3y

— IntoTheBlock (@intotheblock) August 16, 2024

Additionally, the network has generated substantially more fees compared to Ethereum over the past 30 days, essentially making it the most profitable chain at the moment.

That said, Justin Sun also recently revealed the creation of a protocol called SunPump which, similar to PumpFun, aims to provide users with an easy way to launch meme coins and keep them safe from the carpet.

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